SurveysAug 29, 2022
Here’s the Latest Government Data on Jewelry SalesSurveysOct 05, 2022
U.S. Jewelry, Watch Sales Slow in August
Plus, what economists are saying about consumer spending and a possible recession.
A pair of one-of-a-kind 18-karat rose gold earrings set with rubellite tourmalines, pink sapphires and diamonds by Sevun (price available upon request). U.S. watch and jewelry sales were up only 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales growth slowed year-over-year in August, government data shows, with numbers still paling in comparison to the highs of last year.
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
Related stories will be right here …
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
In the National Retail Federation’s October review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation, highlighting the headwinds and weighing the possibility of a recession.
“The economic situation in the United States is unsettling,” said Kleinhenz. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates.”
While the spending growth rate has slowed, there is still growth.
Consumer spending was better than expected in August with the U.S. Census Bureau reporting overall retail sales growth of 0.3 percent month-over-month and 9 percent year-over-year.
“Year-over-year increases in retail sales have been mostly in the upper single digits since spring, not as dramatic as the double-digit numbers seen most of last year into early 2022 but still healthy,” he said.
The battle against inflation is a tricky one. Higher prices impact consumer confidence, but the Federal Reserve’s main tool in fighting inflation is raising the interest rate, which is another blow to consumer confidence.
“Consumers have become cautious – but they have not stopped spending,” Kleinhenz said. “Growth is not as high as last year, but households continue to spend each month as more jobs, wage growth and savings backstop their finances and help them confront higher prices.”
As for a recession, the possibility is seeming more likely, he said. Gross domestic product has declined for two consecutive quarters, which does typically, though not by the official definition, indicate a recession.
The Blue Chip Economic Indicators panel of business economists, which includes Kleinhenz, does predict GDP growth ahead in the third and fourth quarters of the year.
However, in a September survey, fewer economists on the panel believe the Federal Reserve can rein in inflation without causing a recession (38 percent this month versus 51 percent in August), but 95 percent believe a recession would likely be mild.
Around 42 percent of the panel said they expect a recession this year while 54 percent said it would begin in 2023.
More on Surveys
The Latest
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
MajorsFeb 20, 2026
Jewelers Vigilance Committee Names Julie Yoakum Board ChairJVC also announced the election of five new board members.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
IndependentsFeb 19, 2026
Bailey’s Fine Jewelry Co-Founder ‘Mama Ann’ Bailey Dies at 100Raised in an orphanage, Bailey was 18 when she met her husband, Clyde. They opened their North Carolina jewelry store in 1948.
Weekly QuizFeb 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 19, 2026
Material Good Opens Third Location Material Good is celebrating its 10th anniversary as it opens its new store in the Back Bay neighborhood of Boston.
Events & AwardsFeb 19, 2026
The Original Miami Beach Antique Show Returns in MarchThe show will be held March 26-30 at the Miami Beach Convention Center.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
AuctionsFeb 18, 2026
Joanna Carson’s Jewels Head to AuctionThe estate of the model, philanthropist, and ex-wife of Johnny Carson has signed statement jewels up for sale at John Moran Auctioneers.
PodcastsFeb 18, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
MajorsFeb 18, 2026
Select Jewelry Inks Agreement to Distribute Lightweight Gold JewelryIt will lead distribution in North America for Graziella Braccialini's new gold pieces, which it said are 50 percent lighter.
Policies & IssuesFeb 18, 2026
Community for Ethical Jewelry Looks for Executive DirectorThe organization is seeking a new executive director to lead it into its next phase of strategic growth and industry influence.
Events & AwardsFeb 18, 2026
DCA to Host Gemstone Selling Education Session at IJO EventThe nonprofit will present a live, two-hour introductory course on building confidence when selling colored gemstones.
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
